RISK, PERSISTENCE and FOCUS: A LIFE CYCLE OF THE ENTREPRENEUR

Adapting a life cycle model from managerial literature, conclusions are drawn about the nature of colonial entrepreneurship from a case analysis of 133 New Zealand entrepreneurs, active between 1880 and 1910. Five stages in the life cycle of the entrepreneur are investigated: preparation, embarkation, exploration, expansion and transformation. Characteristic behaviours observed include the prevalence of entrepreneurial partnerships; a propensity for commencing multiple business ventures; and persistence in the face of business failure. Strategically, the colonial entrepreneur leveraged personal skills and abilities as a modus operandi for business expansion, often relying on family ownership and family management structures.     

Invisible work, invisible skills: interactive customer service as articulation work

The concept of emotional labour provides an incomplete account of interactive service work, underplaying its invisible cognitive and non-routine elements. In interactive work, from customer service jobs in the fast food industry to 'knowledge work' and at those levels in between on which we focus here, many jobs involve 'articulation work'—the often unacknowledged management of awkward intersections among the social worlds of people, technology and organisations.     

How Monetary Policy can have Permanent Real Effects with Only Temporary Nominal Rigidity

A macroeconomic model is developed in which the psychological concept of loss aversion is incorporated into workers' preferences. The impact of monetary policy in the presence of loss aversion depends on the specification of the reference wage. The plausible specification that a worker's reference wage is the real wage she was paid in the previous period is considered in detail. Specifying the reference wage in this way, we show that an unanticipated change in monetary policy has a permanent, real effect when short term labour contracts are written in nominal wages.     

A simple and efficient method for estimating the magnitude and precision of welfare changes: comment

A recent article (Breslaw and Smith, 1995 ) published in this journal provided an iterative numerical technique for computing the welfare effects of price changes. In this note we take issue with the application used to demonstrate this technique. In particular, we show that the demands used are inappropriate and that the authors incorrectly interpret the precision of the estimates of welfare change. Copyright © 2002 John Wiley & Sons, Ltd.     

Australian money supply analysis: The relationship between the monetary base,secondary reserves and the money supply

Utilising the criteria of predictability, stability over time, and instrument stability this paper examines the relationship between the reserve base and the money supply in Australia. Various modifications to the money supply function are made to incorporate the influence of direct monetary controls, of the overdraft lending system, and of the increased substitutability of government securities for high powered money arising from the Reserve Bank of Australia's policy of pegging government security yields. Doubt is cast on the ability of the Australian authorities to control the primary monetary aggregates on a short-run basis.